Minh Phu Seafood Company decided to invest in digital transformation by acquiring advanced technologies like artificial intelligence (AI) and using them in raising and processing shrimps.– Photo baodautu.vn “Digital transformation or losses?” was the thorny question for Minh Phu Seafood Company a few years ago. A leading fisheries exporter, it shipped its products to over 50 markets around the world, earning annual revenues of VND12 trillion (US$526,000). As orders grew rapidly, the company was finding it hard to accept all of them. “This … required us to increase our capacity by five-10 times,” CEO Le Van Quang said. However, increasing its 14,000-strong workforce by five to 10 times was impossible and this forced the company to explore alternative solutions. “For five years I went to many countries to study this issue and found that digital transformation was the best way for the company to survive and grow. It helps cut costs and improve … [Read more...] about Digital transformation imperative for industry 4.0
Leading digital business transformation
VNPT targets to be leading digital service provider in Vietnam
Officially established in April 2018, VNPT-IT is a business having dependent accounting and a member of the VNPT. It has the responsibility to research and develop integrated information and communication technology (ICT) solutions to serve VNPT’s customers or independent clients and even foreign ones. This will make VNPT-IT a new pillar in producing software and IT applications of the whole Group, helping it achieving breakthroughs in the period of 2017 – 2025 in order to transform from a conventional telecommunications service provider to a supplier of multi-services, including telecommunications, information technology, and digital services. According to Mr. Ngo Dien Hy, Director of VNPT-IT, the assigned responsibility is truly challenging. To fulfill it, his company will integrate cutting edge technologies like AI, Bigdata, and Cloud into the services to offer more benefits to customers while increasing the competitiveness of VNPT’s products. The company’s … [Read more...] about VNPT targets to be leading digital service provider in Vietnam
TH true milk drives digital HR transformation
A cow farm of TH True milk. The group is enhancing its human resource (HR) capabilities and leverage real-time analytics for better business decisions. — Photo thmilk.vn TH true milk, one of Viet Nam’s largest fresh milk producers, has gone live with SAP SuccessFactors solutions for human capital management. The move is aimed at helping the company enhance its human resource (HR) capabilities and leverage real-time analytics for better business decisions. The SAP SuccessFactors solutions have been implemented in four companies within the TH Group including TH Food Chain JSC, TH true milk Food and TH true milk, encompassing 5,500 employees within Viet Nam, Russia and the US. The TH Group accounts for some 40 per cent of the market share for fresh milk in Viet Nam. The group’s key products are UHT sterilised milk, pasteurised fresh milk, yogurt and drinking yogurt. The TH Group’s farm is used by researchers and experts working in the dairy sector due to the new … [Read more...] about TH true milk drives digital HR transformation
BUSINESS IN BRIEF 12/6
Deloitte Vietnam talks corporate governance with public companies The audit committee is established with the aim of enhancing confidence in the integrity of an organization's processes and procedures relating to internal control and corporate reporting including financial reporting. The committee has thus become one of the main pillars of the corporate governance system around the globe in public companies and its establishment is thus a fundamental prerequisite to the attraction of portfolio equity investment. This is according to auditors of Deloitte Vietnam, who on June 9 presented for Vietnamese listed companies a seminar addressing international norms in corporate governance. At the seminar, Ha Thu Thanh, chair and CEO of Deloitte Vietnam explained in considerable detail the need for public companies to raise their awareness of the ramifications of corporate governance and the role of audit committee in supervising the efficiency and effectiveness of internal audits. The seminar … [Read more...] about BUSINESS IN BRIEF 12/6
BUSINESS IN BRIEF 18/5
Mortgage loan for social housing touches 6% The State Bank of Viet Nam and the Ministry of Construction on May 15 issued Circular 11 announcing an annual interest rate of 6% for loans used to purchase social houses. Under Circular 11, which guilds the implementation of Government Resolution 02 on solutions to remove difficulties against production and business, support the market and deal with non-performing loans, social house buyers' financing will have a maturity of ten years. The central bank will use VND 30,000 billion (US$1.5 billion) to support the five commercial banks which were selected to undertake the loans in 36 months since Circular 11 takes effect on June 1, 2013. The Circular stipulates that the State Bank of Viet Nam will yearly define and publish preferential lending interest rate for the upcoming years in December, which is required to be equal to half of the average lending interest rate in the market but less than 6% per year. The move aims to support those … [Read more...] about BUSINESS IN BRIEF 18/5